August 25, 2010
Gov. Nixon details school construction projects financed by no-interest bonds during visit to Springfield
SPRINGFIELD, Mo. - Gov. Jay Nixon today visited Jarrett Middle School in Springfield to detail construction and renovation projects made possible by the award of more than $7.5 million in no-interest bonds to the Springfield School District. The Governor toured the school with superintendent Dr. Norman Ridder and school principal Teresa Wise to see the progress on installation of air conditioning at the 87-year-old school.
Earlier this year, Gov. Nixon announced the award of more than $162 million in no-interest bonds for eligible school renovation, construction and development projects. These bonds, awarded by Gov. Nixon's administration and funded by the federal government, allow school districts to undertake major projects without the burden of interest payments. School districts will save millions of dollars in interest payments over the life of these bonds; taxpayers in the Springfield School District alone will save about $5.5 million in interest, because of the bonds.
"We want Missouri students to receive a world-class education so that they will stay right here in the Show-Me State to live, work and raise their families," Gov. Nixon said. "Our investment in quality schools and quality teachers will pay off for generations to come. These bonds will help school districts undertake critical development projects, while saving millions for the taxpayers. This is a great deal for Missouri students, school districts and taxpayers."
This total includes $146.3 million in Qualified School Construction Bonds and $15.9 million in Qualified Zone Academy Bonds. Both programs have specific eligibility criteria, and funds can be used only for designated purposes. Qualified School Construction Bonds, the larger pool of funds, help districts finance the costs of major new construction or renovation projects.
Qualified Zone Academy Bonds, which have much more specific eligibility criteria, can be used to renovate or repair buildings, purchase technology, or develop new curricula or training programs, but cannot be used for new construction.
Last November, voters in the Springfield R-XII School District approved a $50 million bond issue for several school projects. The measure received 65 percent approval. The success of the bond issue helped the district to receive more than $7.5 million in Qualified School Construction Bonds awarded by the state.
The district is using these bonds to install air conditioning at the eight district schools that are not air-conditioned, including Jarrett Middle School. In addition, the projects will include extensive remodeling, replacement, and new construction at several other schools, including energy-efficient windows at two of the schools. The bond issue also will help the district retire $9 million in certificates used to fund construction of the new Hickory Hills School. Hickory Hills is the district's first school to be termed a "green" school under LEED (Leadership in Energy and Environmental Design) certification standards.
"This program is helping Springfield Public Schools satisfy its pledge to air condition every school in the district," Dr. Ridder said. "By leveraging federal Recovery Act funds, the district was able to request a $50 million bond issue without increasing local taxes. Part of the funding will be used to air condition eight schools, including Jarrett Middle School, which should have cool air flowing in its hallways by next spring."
"These bonds are helping school districts complete vital projects that will make our schools better places for students to work and learn," Gov. Nixon said. "These bonds will make a real difference for students and save real money for the taxpayers."